Societe Generale Ghana PLC has formally distanced itself from media reports claiming that Morocco’s Bank of Africa (BOA) and Nigeria’s Access Bank are competing to acquire a majority stake in the bank, stating that the reports did not originate from either the local bank or its parent company, Societe Generale Group.
In a market announcement dated September 9, 2026, the bank described the reports as unverified and clarified that neither Societe Generale Ghana nor Societe Generale Group had officially communicated any such information .
Regulatory Obligation to Disclose
The bank issued the clarification in line with Section 71 of Part IX of the Ghana Stock Exchange (GSE) Listing Rules for the Equities Market. The provision requires listed companies to make immediate announcements where information could affect the market or where clarification of reports is necessary .
The announcement does not confirm or rule out any potential transaction involving a change in ownership of Societe Generale Ghana. Rather, it establishes that, as of the bank’s September 9 disclosure, the reports about BOA and Access Bank competing to acquire a majority stake had not been officially communicated by either Societe Generale Ghana or Societe Generale Group .
Background: A Long-Running Strategic Review
The clarification comes against the backdrop of a strategic review initiated by Societe Generale Group in May 2024. At the time, the French parent company—which holds 60.22% of Societe Generale Ghana—announced it had commenced a review of its Ghanaian operations. The bank stated that “if a concrete development were to be decided, a subsequent communication will be made at the appropriate time according to applicable legislation” .
The strategic review followed years of speculation about Societe Generale’s potential exit from Ghana, with reports citing profitability challenges and stringent regulatory requirements in the financial sector. In May 2024, the Managing Director of Societe Generale Ghana, Hakim Ouzzani, dismissed reports of the bank’s exit as speculation not originating from the Group Head Office in France .
Regulatory Process Ongoing
The Bank of Ghana has confirmed that the sale process remains ongoing but is awaiting final agreement between the parties involved. Governor Dr. Johnson Asiama stated in May 2025 that the central bank is not a direct party to the sale, but will ensure all regulatory requirements are met before issuing a no-objection. “We are just waiting for the parties to the sale to reach an agreement. They will write to us and we will do the necessary due diligence,” he said .
Under Ghana’s banking regulations, the acquisition of more than 50 percent of a listed company triggers takeover rules that may affect minority shareholders and potentially initiate a mandatory offer process .
Market Implications
For investors and market participants, the clarification is significant because reports of a potential takeover or change in controlling ownership can influence expectations about a listed company, including its share price, ownership structure and future strategic direction .
At the current GSE price of approximately GH¢5.98 per share, Societe Generale’s equity market capitalization stands around GH¢4.24 billion based on 709.1 million shares outstanding. The French parent’s 427.08 million shares have a quoted market value of about GH¢2.55 billion. However, a controlling stake typically attracts a control premium, with analysts suggesting a reasonable range of 15–30 percent above the prevailing market value—implying approximately GH¢2.9–3.3 billion for the 60.22 percent stake .
Any confirmed change in majority ownership of a bank would have implications beyond its shareholders, potentially affecting its strategy, capital position, management direction and competitive position within Ghana’s banking sector .
By formally distancing itself from the reports, Societe Generale Ghana is providing the market with an official position and reducing the risk that investors make decisions based on unverified information. The bank’s announcement serves as its official clarification pending any further disclosure on the matter .
